Navigate this market better. Subscribe for FREE stock alerts and information.

Tuesday, August 19, 2014

Canada's Couche-Tard makes short-list in $16bln Sinopec unit sale -sources, (NYSE: SNP)

Canadian retailer Alimentation Couche-Tard Inc and China's Tencent Holdings Ltd are among suitors short-listed to purchase a $16 billion minority stake in China's Sinopec Sales, the world's largest fuel retail network, people familiar with the matter told Reuters.China Life Insurance Co Ltd, the nation's biggest insurer, Hong Kong-listed ENN Energy Holdings Ltd , privately-owned Fosun Group, Hopu Investment Management and Affinity Equity Partners have also progressed to the next round, said the people who declined to be identified as the sale process is confidential.Formally known as China Petroleum & Chemical Corp , state-run Sinopec plans to sell up to 30 percent of Sinopec Sales by end-2014 as Beijing restructures government-owned assets. Sinopec Sales booked a net profit of 25.1 billion yuan ($4.1 billion) in 2013 from over 30,000 service stations and more than 23,000 convenience stores.While a deal would give investors little control over the company, a likely exit through an initial public offering planned within three years has attracted a wide range of suitors, the people said.

China Petroleum & Chemical Corporation is an energy and chemical company. Shares of SNP traded higher by 0.96% or $0.95/share to $99.83. In the past year, the shares have traded as low as $71.63 and as high as $100.17. On average, 125655 shares of SNP exchange hands on a given day and today's volume is recorded at 105306.